Online forex and contracts for difference (CFDs) broker easyMarkets said on Monday it has launched dealCancellation – a new feature that allows investors to cancel a losing deal within an hour after opening it. The feature, which the broker calls “an industry changer”, enables traders to have their original investment refunded.
dealCancellation can be triggered for a fee of a few pips. It has been developed by options platform provider ORE to specifications set out by easyMarkets. The product is pending patent under the patent Easy Cancellation Option.
“We’ve been collaborating with ORE since the development and launch of our options product offering. They’re a smart group of people that have taken a somewhat complex product and made it extremely user-friendly,” easyMarkets CEO Nikos Antoniades said. “This is a bold new feature that no one else is offering. Essentially it means that you can open a deal and if the deal starts losing, you can cancel it and have your losses returned. It’s as simple as that”,” he added.
According to Merav Brenner, head of accounts at ORE, dealCancellation is an industry first and should prove popular amongst both new traders and more experienced ones.
Traders who have already tried it have positive feedback.
“This is a great tool that gives me the chance to open a trade, see how it goes, and if it’s not panning out the way I thought, cancel it and not lose my money,”early-adopter trader Tracey Wilkes was cited as saying.
“Not only can I cancel my deal and save my investment when the markets are tanking, but if I hit my stop loss and I’ve covered my trade with dealCancellation – then I still get my money back. I’m happy with that,” Bob Douglas, another trader, noted.
easyMarkets, set up in 2003 as easy-forex, is the trade name of Easy Forex Trading. It offers online trading of more than 300 instruments, including forex, CFDs, options, metals, commodities and indices. The broker also offers the so-called Vanilla Options trading, which is a type of options trading of currencies, metals and commodities in which the maximum risk an investor faces equals her initial investment. The broker offers low fixed spreads and leverage rates of up to 400:1.
easyMarkets is headquartered in Cyprus and has offices in London, Warsaw, Sydney, and the Marshall Islands. The broker is active in more than 160 countries worldwide. The broker is licensed and regulated by the Cyprus Securities and Exchange Commission (CySEC). As an EU country, a licensed issued in Cyprus is valid for any other EU member state.